Latest news with #storeclosures
The Sun
2 days ago
- Business
- The Sun
Full list of 14 shops set to close next month in a blow to shoppers – is your area affected?
MAJOR retailers will close several stores for good this month as the high street continues to face difficulties. This year businesses have faced increased costs due to Government changes announced in the Budget. An increase in employer National Insurance contributions, energy and rent costs and lower customer footfall have all piled on pressure. As a result, some retailers have been forced to hike prices, review expansion plans and reduce the number of stores they have. But remember, retailers regularly close shops for a number of reasons, not just because they are struggling. For example, they may have a nearby store that is performing better or may want to move to a location that will have a higher footfall, such as a retail park. Here is a full list of the shops we know are shutting in June 2025. The Original Factory Shop The discount high street chain is set to close nine shops next month as it prepares to shutter a total of ten branches in the coming weeks. The Original Factory Shop previously warned it would have to shut some 'loss-making' locations after it began to struggle in recent years. The retailer is now set to close the following shops this month: Milford Haven, Pembrokeshire - June 26 Perth - June 28 Chester Le Street, County Durham - June 28 Arbroath, Angus - June 28 Kidwelly, Carmarthenshire - June 28 Pershore, Worcestershire - June 28 Normanton, West Yorkshire - June 28 Peterhead, Aberdeenshire - June 28 Shaftesbury, Dorset - June 28 It will also close a store in Staveley, Cumbria on July 12. Private equity firm Modella bought The Original Factory Shop back in February and has since launched a restructuring effort to renegotiate rents at 88 The Original Factory Shop stores. Modella also recently bought Hobbycraft and WHSmith's high street shops. Poundland Poundland is set to close a store this week as a further 200 shops remain at risk. The bargain retailer is set to close its branch in Surrey Quays, London, on June 11. Why are retailers closing shops? EMPTY shops have become an eyesore on many British high streets and are often symbolic of a town centre's decline. The Sun's business editor Ashley Armstrong explains why so many retailers are shutting their doors. In many cases, retailers are shutting stores because they are no longer the money-makers they once were because of the rise of online shopping. Falling store sales and rising staff costs have made it even more expensive for shops to stay open. The British Retail Consortium has predicted that the Treasury's hike to employer NICs from April 2025, will cost the retail sector £2.3billion. At the same time, the minimum wage will rise to £12.21 an hour from April, and the minimum wage for people aged 18-20 will rise to £10 an hour, an increase of £1.40. In some cases, retailers are shutting a store and reopening a new shop at the other end of a high street to reflect how a town has changed. The problem is that when a big shop closes, footfall falls across the local high street, which puts more shops at risk of closing. Retail parks are increasingly popular with shoppers, who want to be able to get easy, free parking at a time when local councils have hiked parking charges in towns. Many retailers including Next and Marks & Spencer have been shutting stores on the high street and taking bigger stores in better-performing retail parks instead. In some cases, stores have been shut when a retailer goes bust, as in the case of Carpetright, Debenhams, Dorothy Perkins, Paperchase, Ted Baker, The Body Shop, Topshop and Wilko to name a few. What's increasingly common is when a chain goes bust a rival retailer or private equity firm snaps up the intellectual property rights so they can own the brand and sell it online. They may go on to open a handful of stores if there is customer demand, but there are rarely ever as many stores or in the same places. The Centre for Retail Research (CRR) has warned that around 17,350 retail sites are expected to shut down this year. Bidding for the business started last month. Gordon Brothers, the ex-owner of Laura Ashley, and Homebase owner Hilco are reported to be in a two way race to win the chain. A decision on who the preferred bidder is could be announced in the coming days. Polish retail giant Pepco said it expects the sale of Poundland to be completed by September. Daniel of Ealing The iconic department store will close its doors for good in June after 120 years on the high street. The retailer has launched a huge clearance sale, with up to 50% off beds, furniture, homeware and fashion. Its final day of trading will be June 8. Rising costs and a struggling high street have forced the family-run business to call time on the store. The business was founded in 1901 by Walter James Daniel and began as a small draper's shop in Ealing, London. The Windsor flagship shop will remain open, alongside its online business. The firm said five Daniel employees will be impacted by the closure. The Works The Works is set to close its Margate High Street store on June 8. Its next nearest store will be at the Westwood Cross Shopping Centre or Ramsgate Garden Centre. A spokesperson for The Works said: 'As part of ongoing plans to optimise our store portfolio, we will be closing our Margate store. 'We have loved being part of the local community and apologise for any inconvenience caused by this closure. 'Customers can continue to shop with us at our nearby stores at Westwood Cross Shopping Centre and Ramsgate Garden Centre.' The chain has already closed five other branches this year. These closures are part of the normal process of closing under performing sites. Iceland The supermarket chain will close its store in College Square, Margate, on June 21. Iceland has not yet confirmed the reason for the sudden closure but it said that staff at the Margate branch will be offered jobs within the business. Iceland is completing a broader reshuffle of its operations as it adapts to shifting consumer habits, cost pressures and the growing demand for convenience and online shopping. Ginger The much loved clothing shop will close its doors for good this month after nearly 50 years in business. Ginger will shut for good on June 7, after the owners said they were forced to make an 'incredibly difficult decision'. The shop was founded by David and Rodger Kingsley in 1978 following the success of their sister company Jonathan Trumbull in 1971. The store manager blamed the current economic climate and the aftermath of Covid-19 for the business's hardship. The shop has launched a closing down sale as it prepares to close.
Yahoo
3 days ago
- Business
- Yahoo
5 stories on Boise's changing scene: Kohl's, Wells Fargo closures reflect shifts
Stories by Idaho Statesman journalists, with AI summarization Boise is experiencing a wave of store shutdowns that signal changing consumer habits and economic pressures. Kohl's closed its Boise Towne Square store as part of a nationwide effort to shutter underperforming stores, following similar closures by retailers like Sears and Forever 21. Wells Fargo is also scaling back, closing multiple local branches and laying off workers as more people shift to digital banking. Rite Aid plans to close additional area stores amid bankruptcy, while some of its remaining locations could be acquired by CVS. These closures, along with the abrupt end of Boise Medical Clinic, reflect some of the challenges facing both national chains and local businesses in the city. The company hopes the closures will ensure it stays in business for years to come. | Published January 10, 2025 | Read Full Story by Angela Palermo Signs at the store say everything is 10-40% off. | Published February 21, 2025 | Read Full Story by Angela Palermo 'As we optimize our branch network, we are focused on evolving our branch presence,' a bank spokesperson says. | Published March 12, 2025 | Read Full Story by David Staats The medical clinic said it offered the latest 'breakthrough' treatment for erectile dysfunction. | Published May 28, 2025 | Read Full Story by Angela Palermo See where the stores are located. | Published May 27, 2025 | Read Full Story by Angela Palermo The summary above was drafted with the help of AI tools and edited by journalists in our News division. All stories listed were reported, written and edited by McClatchy journalists.
Daily Mail
5 days ago
- Business
- Daily Mail
Uproar as America's largest pharmacy chain shuts 270 stores... after closing 900 in just three years
The pharmacy retail industry is struggling. CVS, the chain with over 9,000 locations across the US, confirmed to that 270 locations would shutter this year. The closures, which the company initially announced in October 2024, have been underway in several states, with Alabama, New York, Maryland, and Missouri seeing the largest amount of closures. A concerned customer wrote on Reddit: 'Where will 540 pharmacists and 810 technicians go then?' CVS said it does not comment on which locations will close. But the plan is part of a years-long strategy to right-size the amount of pharmacy locations. In 2021, the company started shuttering 300 stores each year. CVS shuttered 900 US locations in three years. But it also opened over 100 new locations, including 30 inside of Target locations. 'We're focused on ensuring we have the right kinds of stores and the right number of stores in the right locations,' a CVS spokesperson told 'Even after the realignment work, 85 percent of people in the US will still live within 10 miles of a CVS Pharmacy,' the spokesperson added. 'And, while we're closing certain locations, we're also opening stores and pharmacies in areas where there's a need,' the spokesperson added. The changes come as pharmacy retailers face severe headwinds against their critical businesses. Upstart online brands — like Capsule and Blink Health — are attempting to eat into brick-and-mortar sales with more convenient delivery models. Even Amazon entered the pharmaceutical space, launching its medication delivery platform in 2020. 'Luckily I don't depend only on CVS,' one Redditor said about the company's decision to shutter stores while facing the increasing competition. Meanwhile, front-store retail sales, where customers grabbed toothpaste and Tylenol while raking in millions for pharmacies, have cooled. Shoppers have largely turned to lower-priced retailers while the US economy struggles with sticky inflation after the 2020 pandemic, retail experts have told These challenges have sent CVS competitors into tailspins. Several brands have launched mass closure events or declared bankruptcy. Walgreens has been pressing ahead with plans to shutter hundreds of stores. The pharmacy brand pledged to shutter 1,200 locations by 2027. Walgreens is also reportedly considering a $10 billion deal to sell itself to sell itself to private equity firm Sycamore Partners. 'Walgreens has been in a tailspin for a long period of time,' retail expert Neil Saunders, of Global Data, previously explained to the Daily Mail. 'Profitability and sales are under pressure, especially on the retail side of the business.' Meanwhile, Rite Aid has entered its second bankruptcy in two years. The company, struggling to compete with lower-cost models and lampooned by billions of dollars of debt from opioid settlements, said it would shutter all of its locations. 'This is going to cause a pharmacy desert in my neighborhood and prescription nightmare,' one worried customer wrote on Reddit. CVS has stepped in, purchasing pharmacy locations from Rite Aid. They're expected to take on the most customers, having bid on the prescription files of 625 Rite Aid pharmacies across fifteen states. CVS's closures come after a widespread 'retail apocalypse' last year saw major companies file for bankruptcy and brick-and-mortar stores close in their droves. Up until mid-December, US retailers shut 7,300 stores - up nearly 60 percent from 2023.
Yahoo
5 days ago
- Business
- Yahoo
Popular Department Store Announces More Store Closings Across the U.S.
JCPenney is shifting its structure once again and will be shutting down a number of its stores across the country before the end of the month. The department store chain which was originally founded in 1902 announced the upcoming closures in February, when a company spokesperson mentioned that a 'handful' of their locations were set to close in 2025. The number of stores was not specified in the original announcement, but according to a Tuesday, May 20 report by USA Today, that number is seven. The multiple closures come five years after JCPenney filed for Chapter 11 bankruptcy protection in 2020, which resulted in more than 200 locations shutting down across the nation. In December of that same year, the department store was acquired by Simon Property Group and Brookfield Asset Management Inc. Consumers took to X (formerly known as Twitter) to share their reactions to the news. 'The downfall of malls is so sad but they are so expensive for no reason,' wrote one user. A second user noted, 'Oh no! I love JCPenney! I DO NOT want to order clothes online. I want to touch the fabric, assess how it looks on my body type, and try clothes on. Not everyone looks like a model!' A third user warned, 'This'll be a grave mistake for the folks who love to shop online. Malls are a necessity.' JCPenney announced a partnership with Forever 21 in January as part of a larger merger to form a new company called Catalyst Brands. Some of the brands included are Aéropostale, Nautica, Lucky Brand, Brooks Brothers, and Eddie Bauer. Catalyst Brands was set to hire 60,000 employees and open 1,800 new store locations. A spokesperson for the department store noted that the store closures are not related to or a result of the merger. Brick-and-mortar JCPenney locations in California, Colorado, Idaho, Kansas, New Hampshire, North Carolina, and West Virginia are scheduled to close on Sunday, May 25.
Fast Company
7 days ago
- Business
- Fast Company
Rite Aid store closures update: See the full list of 151 pharmacy locations that will shutter in ongoing bankruptcy
The list of Rite Aid drugstores marked for closure continues to grow at a furious pace after the ill-fated pharmacy chain filed for bankruptcy a second time. In a court filing last week, the company said it would move to close 151 additional locations in 10 states, its largest batch of closures since the Chapter 11 process began three weeks ago. Three earlier filings had disclosed a combined 210 closures, as Fast Company previously reported. That means the list of stores that are expected to shutter on an accelerated timeline is now over 360—more than a quarter of Rite Aid's fleet of 1,277 locations. Fast Company reached out to Rite Aid for more information on when the stores are expected to close. According to the filing, interested parties have until June 2 to object. Sold for parts Every Rite Aid store will eventually close or be sold to another entity, but many customers and employees have faced uncertainty about the fate of their local Rite Aid locations in the interim, as the company has not publicly shared many detailed updates. On May 15, Rite Aid reached deals to sell off most of its pharmacy assets, including agreements with Walgreens, Albertsons, and others. Notably, pharmacy giant CVS will hoover up prescription files for 625 Rite Aid locations, but it will only take over 64 physical stores in three states: Washington, Oregon, and Idaho. As for Rite Aid's remaining assets, interested parties have until June 13 to submit a bid, with an auction planned for June 20. But at the rate these stores are closing, there may not be many Rite Aid stores left by then. The full list of 151 Rite Aid locations marked for closure on last week's court filing is below. These locations join previous waves of closures announced here, here, and here. 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